Discover how salary savings insurance works, a life insurance policy paid for by payroll deductions. Learn how employers facilitate this benefit by deducting premiums from employees' paychecks.
Explore Savings Bank Life Insurance, a unique type of life insurance offered exclusively in certain states like Massachusetts, and sold by savings banks.
Understand the term 'Schedule' in both Property and Health Insurance. Learn how it lists covered items, procedures, and their costs for comprehensive insurance coverage.
Learn about the Schedule Rating Plan in vehicle insurance, which allows adjustments based on specific features of commercial risks.
Understand the concept of selection of risk in general insurance terms, including how insurers choose which risks to insure and the role of reinsurance in managing those risks.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about Single Premium Policy in Life Insurance, its benefits, and how it works. Understand the single premium payment method and its advantages.
Learn about Social Security, a broad term referring to programs mandated by the Social Security Act of 1935 and its amendments. Understand Old Age, Survivors, Disability, and Health Insurance and how these programs assist the public.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Explore how a spendthrift clause in life insurance protects beneficiaries by preventing creditors from claiming benefits directly. Understand the legal implications and advantages.
Learn about sponsor plans in pensions, where employers or employee groups set up or maintain benefit plans for employee retirement and other advantages.
Learn about the Staff Model HMO, a type of Health Maintenance Organization (HMO) where premiums are paid directly to the HMO, which employs physicians who receive salaries and predetermined bonuses.
Explore the concept of statutory reserve in general insurance, a legally required reserve to ensure the financial stability and integrity of insurance providers.
Discover the essentials of Stop Loss Reinsurance, a type of coverage where a ceding insurer is protected based on the losses incurred within a calendar year. Learn how this affects the financial stability and risk management of insurers.
Learn about strict liability in liability insurance, a form of liability that affects manufacturers and merchandisers due to defective products. Understand how liability applies without negligence and what is needed to prove a product is dangerously defective.
Learn about the strike through clause in reinsurance, a provision that ensures losses are managed even if the ceding insurer is unable to meet them, directing the reinsurer to pay the insured directly.
Explore the role and functions of a Sub Broker in reinsurance, an intermediary who assists the primary broker in acquiring necessary reinsurance placements.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Understand the concept of a subrogation waiver in property insurance, the importance of this waiver in policy agreements, and its implications on claim processes.
Understand the Sue and Labor Clause in Property Insurance that requires insured individuals to protect and salvage property. Learn about the responsibilities and importance of this clause.
Learn about supplemental contracts in life insurance, which specify how the proceeds of a life insurance policy will be settled. Discover the importance of these riders in ensuring clear and agreed-upon payout procedures.
Learn about the Surety Bond Guarantee Program administered by the Small Business Administration (SBA), which backs surety companies against losses under contract bonds for minority contractors.
Learn about the concept of surety in the insurance industry. Understand the role a surety plays in guaranteeing the performance of another party.
Learn about survivorship benefits in life insurance, including how funds are used to support annuitants living longer than expected and the role of premiums from deceased annuitants.
